How has COVID-19 affected SMEs?
The most obvious change caused by COVID-19, is that many of your client’s are unable to leave their homes. Many bigger firms have online platforms to keep up client engagement. This isn’t always the case for smaller, independent firms.
Another big issue is cash flow. Law firms aren’t particularly on top of this at the best of times, but during the pandemic, this has started to cause real problems. At the beginning of the first lockdown, nearly a fifth of small and medium-sized UK businesses weren’t expecting to get the cash they needed to get through it. The bottom line? No business can survive without, well, a bottom line.
Covid-19 continues to cause uncertainty. It’s been really difficult for to predict how things are going to change week-to-week or month-to-month. That’s made it especially hard to adapt to the changes whilst also being able to follow the rules and keep people safe.
Some good news
However, it’s not all bad news. Despite the difficulties, quite a few smaller businesses have seen growth throughout the course of the pandemic. Not only that, but they’ve managed to build a stronger client base which will most likely continue once the pandemic is under control. this is particularly the case for those firms offering services like family law, wills and probate and employment law.
How can you adapt?
Now is the time to focus on making sure your firm is one that doesn’t just survive, but thrives. As with most things in business, organisation is key. There are schemes and funding available to help. But it’s all about understanding what’s involved and the timescales for applying.
Taking a look at your operational processes will also be useful. Are you set up for your staff to work from home? Do you have the technology required to enable everyone to work online? Softwares like Zoom and Skype have made it possible for businesses to meet staff and clients alike without having to see them face-to-face, which has helped to maintain networking expansion and client liaison.
And here’s a big must; you need to keep on top of your bookkeeping. That way you can make informed decisions about your finances and what the future of your business looks like. With liquidity challenges, sharp decreases in revenue and demand across the board, it’s now more important than ever to manage your accounts efficiently. When it comes your accounts, outsourcing is an expert and stress-free option to be seriously considered.
Get in touch
If you’re thinking about ways to improve the efficiency and output of your firm, then get in touch. Numero is dedicated to providing top quality service as an extension to your team. Let us worry about the accounts, so that you have room to focus on your business.